Fund Description

The fund seeks to achieve its investment objective by investing at least 80% of net assets (plus any borrowings for investment purposes) in equity securities, primarily a portfolio of equity securities issued by large, mid and small capitalization companies the adviser believes have strong or improving long-term business characteristics and share prices that do not reflect certain favorable fundamental attributes. It generally focuses on companies with market capitalizations above $2 billion at purchase and may invest in domestic and foreign common and preferred stock, convertible debt, ADRs, REITs, ETFs, and BDCs, including private placements. It may invest up to 15% of net assets in foreign securities, including emerging markets, and with respect to 20% of assets may invest in investment grade or comparable-quality unrated securities. The adviser follows a "flexible equity" approach spanning growth and value styles and may take a temporary defensive position, investing without limit in cash and prime quality cash equivalents.